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Ministry of SMEs and Startups Launches 50 Billion KRW 'Ulsan Future Growth Fund'
Finance · Investment Managers · yonhap_finance · 2026-09-01
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The Ministry of SMEs and Startups has launched a 50 billion KRW venture fund in Ulsan to foster local startups and regional industrial innovation.
What Happened
Fund Launch: The Ministry of SMEs and Startups held a ceremony at the Ulsan Jong-Ha Innovation Center to officially launch the 'Ulsan Future Growth Fund.' This 50 billion KRW fund marks the second regional growth fund established this year, following a similar initiative in Jeonbuk.
Investment Structure: The fund is backed by 35 billion KRW from the government's Fund of Funds, with additional capital contributed by Ulsan City, HD Hyundai Heavy Industries, Korea Zinc, Kyongnam Bank, NongHyup Bank, and UNIST. This collaboration highlights a strong public-private partnership aimed at boosting local venture capital.
Operational Strategy: An operating committee will begin selecting sub-funds later this month, with the goal of creating a total venture fund pool exceeding 63 billion KRW. The initiative will specifically focus on creating a specialized fund to support startups as part of Ulsan's broader 'Startup City' project.
Strategic Impact: The fund is expected to leverage Ulsan's industrial strength to foster innovation and entrepreneurship. By combining financial support with events like investor relations sessions and one-on-one consultations, the government aims to accelerate the growth of promising local enterprises.